Microsoft became the second technology company to reach a market valuation of $2 trillion on Tuesday.
The Redmond-based company only trails fellow tech behemoth Apple among the world's most valuable companies, with the latter reaching the $2 trillion milestone in August last year.
The Cupertino giant currently stands at $2.24 trillion and the likes of Google and Amazon are said to also be closing in on the landmark valuation, highlighting the strength of technology companies in today's market.
Microsoft's success is partly down to its bets on cloud computing and gaming, with both contributing heavily to its quarterly revenues during the pandemic. The firm recently posted $41.7 billion in revenue for the quarter ending in March 2021, marking a 19% year-on-year increase.
The firm has also made lots of gains in the business communication market. Its Microsoft Teams platform has seen dramatic growth throughout 2020, surpassing 75 million users as most of the world went into lockdown.
The success of Teams is underpinned by another of Microsoft's big bets; its Azure cloud platform. In January, the firm reported that revenues from Azure increased 50% year-on-year as it consolidated its status as the number two cloud provider, behind AWS, as digital transformation demands increased during the COVID crisis.
RELATED RESOURCE
Business in the new economy landscape
How we coped with 2020 and looking ahead to a brighter 2021
"Over a year into the pandemic, digital adoption curves aren't slowing down," CEO Satya Nadella said in a statement at the time. "We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform."
Microsoft's new valuation comes ahead of its big Windows 11 event, where the firm is set to showcase the biggest change to its flagship operating system since the launch of Windows 10. A build of the OS has reportedly leaked online already and suggests a complete overhaul of the design.
-
AI layoffs could spark a new wave of offshoringNews Analysts expect a wave of rehiring next year in the wake of AI layoffs. That may sound like good news for workers, but it'll probably involve offshoring or outsourcing.
-
Hackers are using these malicious npm packages to target developers Windows, macOS, and Linux systemsNews Security experts have issued a warning to developers after ten malicious npm packages were found to deliver infostealer malware across Windows, Linux, and macOS systems.
-
UK firms are pouring money into AI, but they won’t see a return on investment unless they address these key issuesNews An SAP report projects increased AI investment, but cautions that too many organizations are taking a fragmented approach
-
Optimise CX and accelerate business growth through your voice networkwhitepaper Protecting the human experience in a digital world
-
Enterprises are doubling down on IT optimization strategies – and it’s delivering huge financial returnsNews Organizations that have cracked IT cost optimization and innovation reap the rewards both financially and in terms of time to market.
-
IDC InfoBrief: Sustainability doesn’t need to be all stick and no carrotwhitepaper CIOs are facing two conflicting strategic imperatives
-
How to empower employees to accelerate emissions reductionin depth With ICT accounting for as much as 3% of global carbon emissions, the same as aviation, the industry needs to increase emissions reduction
-
The Forrester Wave™: API management solutionsWhitepaper The 15 providers that matter the most and how they stack up
-
Former TSB CIO fined £81,000 for botched IT migrationNews It’s the first penalty imposed on an individual involved in the infamous migration project
-
Schneider Electric unveils its first e-commerce partner programNews Partners will be assigned a dedicated Schneider expert to aid strategy development
